There is no need to pay personal income tax on deposit interest. Interest on national debt and financial bonds issued by the state obtained by individuals, as well as subsidies and allowances issued by units in accordance with the unified provisions of the state; Welfare expenses, pensions and other income are exempt from personal income tax. Whether the company's deposit interest in the bank should be taxed depends on the nature of the company. If it is a general unit, you need to pay taxes. If it is a non-profit organization, it can be tax-free. Interest income is a part of the total income stipulated in the enterprise income tax law, and the interest on bank deposits should be included in the taxable income, and the enterprise income tax should be calculated and paid according to the prescribed taxable income rate.

Interest income from deposits is not taxed. According to the relevant regulations of our country, the interest earned from bank deposits is tax-free. Usually, as long as we deposit money in the bank, we can get a certain amount of interest income. Interest is the use fee of money in a certain period of time, which refers to the reward that the money holder (creditor) gets from the borrower (debtor) for lending money or monetary capital, including deposit interest, loan interest and interest on various bonds.

The "interest tax" stipulated by the state actually refers to the "interest, dividends and dividend income" of personal income tax, and there is no need to pay taxes. Simply put, interest tax is the tax that should be paid for interest income obtained through deposits and wealth management.

First of all, interest income from bank deposits does not need to pay personal income tax. This is because China implements the interest tax system, not the interest income tax system. In other words, the bank has deducted the corresponding interest tax when paying interest, so according to the current tax law, individuals do not need to pay personal income tax.

For interest income from non-bank deposits, personal income tax is required, with the tax rate of 20%, and tax declaration and payment must be completed before the end of the current year. The sources of such interest income include, but are not limited to, the interest of personal loans to others and the interest income of corporate bonds.

In addition, for corporate bond interest income, individuals also need to pay 20% personal income tax. No matter whether you buy corporate bonds in the primary market or the secondary market, once you hold the interest income after maturity, you need to pay personal income tax. Individuals who transfer corporate bonds before maturity and obtain spread income are also required to pay 20% personal income tax.

It should be noted that when individuals have different sources of investment income, they need to declare separately. If the individual's investment income includes bank deposit interest income, non-bank deposit interest income and other investment income such as stocks and funds, individuals need to declare and pay taxes on these different types of investment income respectively.

Therefore, in order to plan your financial revenue and expenditure reasonably and avoid unnecessary troubles and losses caused by tax problems, we suggest that you understand the tax policy as soon as possible and make reasonable financial planning according to your actual situation.

Legal basis:

Article 4 of the Individual Income Tax Law of People's Republic of China (PRC)

The following personal income shall be exempted from personal income tax:

(a) science, education, technology, culture, health, sports, environmental protection and other aspects of the bonus. Awarded by the provincial people's government, the State Council ministries and commissions, China People's Liberation Army units at or above the military level, foreign organizations and international organizations;

(2) Interest on government bonds and financial bonds issued by the state;

(3) Subsidies and allowances issued in accordance with the unified provisions of the state;

(four) welfare funds, pensions and relief funds;

(5) Insurance compensation.

(6) Demobilized soldiers, demobilization fees and pensions;

(7) Resettlement fees, resignation fees, basic pension or retirement fees, resignation fees and retirement living allowances paid to cadres and workers in accordance with the unified provisions of the state;

(8) Income from diplomatic representatives, consular officials and other personnel of embassies and consulates in China who should be exempted from tax according to relevant laws;

(9) Income exempted from tax as stipulated in international conventions and agreements signed by the Government of China;

(ten) other tax-free income stipulated by the State Council.